Merrill blames sub-prime for $2.3bn Q3 loss

It is the brokerage giant’s first quarterly loss since 2001, and is a far cry from its $3bn profit for the corresponding period last year. Merrill's write-down follows similar statements from Citigroup, Credit Suisse and UBS, exposing the full extent of the fallout following the US sub-prime collapse. News of Merrill’s loss hit a body blow to Asian stocks in Wednesday trading, with financials at the forefront of the falls. To comment on this story, contact: Hysni Kaso Reporter 0207 034 2681 [email protected] IFAonline